New York City’s Luxury Real Estate Market in Flux But Showbiz Insiders Still Scoop Up Choice Properties
variety.comKathy A. McDonald New York City’s luxury residential real estate market has everything: the country’s most expensive listing, stunning penthouses, condos rich with amenities, vintage brownstones, contemporary townhomes and chicly updated pieds-a-terre.
What it doesn’t have now is certainty. Sales cooled off in the summer (as they always do seasonally) and real estate pros are anticipating an uncertain fall due to rising interest rates and inflation, coupled with recession fears.
Despite prevailing macro-economic conditions, prime Manhattan and Brooklyn real estate remains a portfolio must-have for industry talent and power players, while up-and-comers and below-the-line buyers venture further out to red-hot Brooklyn neighborhoods like Bushwick and Bay Ridge, and outer Queens (not Staten Island just yet).
Predicting where the market will go next is difficult. Caution abounds. “It’s safe to say, whichever way the market heads, it won’t be nearly as dramatic as it has been or as dramatic as other markets,” says Sotheby’s International Realty’s Jeremy Stein of the Stein Group.
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